Sarkozy lashes out at the banksters at WEF in Davos

i love it... i love it a LOT... 's about time one of the leaders of the industrialized nations put the cards on the table... i'm no sarkozy fan but he's got this one right...

The world has paid with tens of millions of unemployed, who were in no way to blame and who paid for everything. It caused a lot of anger. Too much is too much. The world was stupefied to see one of five biggest U.S. banks collapse like a house of cards. We saw that for the last 10 years, major institutions in which we thought we could trust had done things which had nothing to do with simple common sense. That's what happened... There is an ocean between flexibility and the scandal we saw. So if people present me as obsessed with regulation, it's because there is a need for regulation. I don't contest the principle of securitisation, but when one offshore country guaranteed 700 times its GDP, are we in the market economy or in a madhouse? Bonuses don't bother me, provided there are also ... draw-downs when there are losses. When things don't work, you can never find anyone responsible. Those who got bumper bonuses for seven years should have made losses in 2008 when things collapsed.

you tell 'em, nick... i've been waiting a long time to hear this kind of righteous rant from a major world leader...

(thanks to bobswern at daily kos...)

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